Identity thieves have new targets

Identity theft is a rapidly growing crime and in reality, the authorities don’t have the means to stop it. That is why it is important for consumers to do what is necessary to protect themselves.

I recently read an article that said that identity thieves are using two new tactics – targeting newborns and those who recently passed away.

Newborns are a hot area because the thieves know that their chances of being caught are slim. Since newborns don’t have a credit history or financial history, they are starting with a clean slate. As a result, they can do irreparable damage.

Identity thieves are also targeting those who are recently deceased. During the initial period when the person dies, but before financial institutions and government entities are notified, thieves can do serious harm which could impact the estate and potentially can cause problems for beneficiaries.

What can one do to prevent identity thieves from targeting a newly deceased person or a newborn? In reality, there’s nothing that will offer 100 percent protection. However, there are steps to take that can reduce the chances that your loved ones become subject to identity theft.

When someone dies notify various entities of the death. For example, it would make sense to send a copy of the death certificate to the deceased’s financial institutions, brokerage houses, government agencies and even credit bureaus.

The Social Security Administration, through their death master file, usually will notify financial institutions, however, we all know that the government doesn’t always act in a timely manner. Sometimes there is a lag between the death and when financial institutions are notified

In addition, review any financial statements from banks or other financial institutions to make sure that everything is in order.

For newborns, it is more difficult. However, there are things you can do. I recommend obtaining a copy of your own credit report and do the same for a newborn. A few months after birth, it may make sense to pull a credit report to make sure that no one applied for credit in the newborn’s name.

In addition, pay particular attention to any letters you receive for the newborn from banks and other institutions. It may be a sign that an identity thief is at work.

I wish there was one sure thing you could do that would give 100 percent protection from identity theft. Unfortunately, it doesn’t exist. However, don’t let your guard down when it comes to protecting yourself.